Rich and retired: Half the work done if you do just this 1 thing

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New Delhi | Published: July 19, 2017 7:02:32 PM

The report also recommends that a person planning their retirement should invest in a mix of bonds and stocks that can generate returns which can support the person after he or she retires.

Schwab report, retirement plans, Wells Fargo, Gallup survey, Wells Fargo Institutional Retirement and Trust, Institutional Retirement and Trust, investments, bonds,stocksMany professionals recommend that a person should aim to save 15 percent of their annual income for retirement. (AP)

A recent Schwab report has shown that people who have written down their retirement plans are 60 percent more likely to achieve their goals. The findings of the Schwab report are similar to Wells Fargo/Gallup survey, which was released earlier this year, the survey stated that people who had written down their plans for retirement were twice as likely to achieve their goals as compared to people who had not written down their retirement targets. Joe Ready, Chief of the Wells Fargo Institutional Retirement and Trust told Time Magazine that putting your plans down makes planning for retirement less intimidating. Ready said, ”Writing your plans helps you figure out the best path to cater for your needs, this helps build confidence and makes it less likely for a person to not follow through”.

According to the same report, not enough people are penning their retirement plans. The report says that as few as 24 percent of Americans are jotting their retirement plans down. Many professionals recommend that a person should aim to save 15 percent of their annual income for retirement.

The report also recommends that a person planning their retirement should invest in a mix of bonds and stocks that can generate returns which can support the person after he or she retires. One must also keep a close eye on the investments made and ensure that the plan is working as intended. If the plan is not working as planned then changes should be made to the investment plan.

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